Enrollment Documentation

Did you know that one of the most common errors found in a 401K audit is due to a lack of proper documentation of enrollment? When a company is required to have their 401K plan audited it is a good idea to make sure that there are proper procedures as well as documentation in place …

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Reviewing 401k Loan Requests for Compliance

During audits of 401(k) plans, one of the most common internal control deficiencies we communicate to management is when the plan sponsor relies on a third party administrator to make sure that loan requests are in compliance with federal regulations and the plan document.  The plan sponsor always maintains fiduciary responsibility with compliance on loans …

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Where Should an Employer Look for Benefit Plan Fraud?

Employee benefit plans are often a side note in the day-to-day transactions of a business, lacking the constant oversight and review given to the operational activities.  Also, benefit plans involve the majority of the employees in a company in some way or another.  These and many other reasons make benefit plans susceptible to fraud.  As …

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10 Easy Tips to Prepare for Your 401(k) Audit

If your company’s 401(k) plan requires an audit this year, here are ten things you can do to help you prepare for, and pass your 401(k) audit. 1. Gather all plan documents including new amendments that were made during the current year.  Your auditor will ask for them, so you might as well pull them together …

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Footnote Disclosures

Another year end has passed and now you are probably compiling and sending the 401(k) files to your third party administrator for them to complete their compliance testing, and other plan financial reports.  Many of these documents will then be requested by your 401(k) plan auditor.  Additionally your auditor will be requesting other Plan documents …

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Do You Still Need a 401k Audit?

It’s 5500 season again and now the big question is upon you: Do you need to have an audit performed and an audit opinion attached to your 5500 before you send it in? Most people know that the general rule is that if you have fewer than 100 participants in the plan, you are considered …

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Streamlining of the Automatic Enrollment Process

Now more than ever it is imperative that the American family starts taking a closer look at their financial future. Now more than ever it is up to the nation to offer easier ways for the American family to start saving. The government is continuously working on finding more efficient ways for small businesses to …

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Guide to a 401(k) Audit

As a plan sponsor you may be required to engage a CPA firm to perform an audit of your 401(k) plan. As a general rule, the audited financial statements are required to be filed with your Form 5500 if you have 120 or more eligible employees. This is the general rule and your specific situation …

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